Later living outfit Elysian Residences has formed a joint venture with Octopus Real Estate and Schroder Real Estate to develop a £200m portfolio of UK retirement villages.
The venture’s first project will be a 103-apartment retirement village for the over-65s in Berkhamsted, Hertfordshire.
The development will have hotel-style facilities set in landscaped grounds, including a double-height lobby, restaurant, bar, library, function room, gymnasium and treatment rooms, with homeowners able to access 24-hour care and support services if required
Construction of the facility which will be branded as an Elysian Residences scheme, is due to kick off this autumn.
“This latest development is part of our ongoing expansion plans and Elysian Residences are actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK,” said Elysian Residences chief executive Gavin Stein.
Octopus Real Estate head of retirement Kevin Beirne said “As we come through the pandemic, the benefits of community living and retirement villages have been made clear.
“In line with our existing multi-operator strategy, we will continue to work with partners to identify first-rate investment opportunities across the UK which deliver strong diversification benefits and returns to our investors as we invest to unlock the potential of the sector.”
